68ENERGY
⚡ Markets: A significant increase in Venezuelan oil production could add substantial supply to the global market over the medium-to-long term, potentially weighing on crude prices. The deal is positive for Chevron and other energy companies involved.WTIBrentCVX
The US Energy Secretary is in Venezuela to sign a deal that will give a US-controlled private company access to 65 billion barrels of proven oil reserves, potentially doubling the country's output. Concurrently, Chevron is nearing an agreement to expand its own operations in Venezuela, signaling a major US re-engagement with the Venezuelan oil sector.
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